NYMEX-Crude up a third day, extends gains after APIs

Tue Apr 24, 2012 5:52pm EDT

* Coming up: EIA oil data at 10:30 a.m. EDT (1430 GMT)
Wednesday

    NEW YORK, April 43 (Reuters) - U.S. crude oil futures
extended gains in post-settlement trading on Tuesday after
industry data showed that domestic crude stocks fell last week,
defying the forecast in a Reuters poll for a stock build.	
    Crude futures earlier settled modestly higher, helped by
stronger U.S. equities and as the dollar weakened, both
supportive factors.
    Trading was choppy, with gains almost wiped out late in the
session before a last volley of buying lifted the market back
up. Still, the close was well off the day's highs as lingering
worries about the euro debt crisis persisted. 	
    The American Petroleum Institute said that for the week to
April 20, domestic crude stocks fell 985,000 barrels, against
the forecast for a 2.7 million barrel build in the poll. {API/S]
 	
    Gasoline futures pared losses as the API report showed a
larger-than-expected drawdown of 3.6 million barrels, far above
the forecast for a 900,000 barrel decrease.	
    Heating oil future wiped out almost all of its losses as the
API data also showed a 3.6 million barrel drawdown, against the
forecast for an increase of 100,000 barrels.	
    Refinery utilization rose 0.6 percentage points, the API
report showed, just above the forecast for a 0.5 percentage
point increase.	
    Policymakers of the U.S. Federal Reserve began a two-day
meeting. Despite lingering anxiety about the euro zone debt
crisis and another U.S. growth slowdown, analysts are not
expecting the Fed will signal it will soon embark on a third
round of bond purchases, usually called QE3, at the conclusion
of the meeting on Tuesday.  	
    FUNDAMENTALS	
    * On the New York Mercantile Exchange, crude for June
delivery settled at $103.55 a barrel, gaining 44 cents,
or 0.43 percent, after trading between $102.79 to $104.10.	
    * In London, ICE Brent crude for June delivery 
settled at $118.16, falling 55 cents, or 0.46 percent, after 	
trading between $117.85 and $118.94.	
    * Brent's premium against U.S. crude narrowed to $14.61 at
the close, from $15.60 on Monday. 
    * Iran is experiencing "huge problems" exporting oil but
there is unlikely to be a sharp drop in volumes after the
European Union oil embargo comes into effect from July 1, said
Torbjorn Tornqvist, chief executive of oil trading firm Gunvor.
 	
    * Indian shipping firms will continue to transport Iranian
crude even if limited insurance coverage due to tightening
Western sanctions leave them financial exposed to a spill or
accident, according to Shipping Corp of India Chairman S. Hajara
and industry sources. 
    * Sudanese oil workers took stock of damage to the
economically vital Heglig oilfield  after recent fighting with
South Sudan left a power station in ruins, a warehouse gutted
and a pipeline spilling out acrid crude. Heglig accounts for
about half of Sudan's 150,000 bpd production before South Sudan
seized the field earlier this month. 
    * U.S. gasoline demand fell last week as pump prices
remained above year-ago levels, MasterCard said in a weekly
report. Demand fell 6.1 percent from a year earlier and 0.3
percent from the previous week, the report said. 
  
    * U.S. single-family home prices rose for the first time in
10 months, in an encouraging sign the battered sector is
starting to stabilize, according to the Standard & Poor's/Case
Shiller composite index of 20 metropolitan areas. The index
gained 0.2 percent in February on a seasonally adjusted basis,
matching economists' forecasts. 	
    * New U.S. single-family home sales dropped 7.1 percent in
March to a seasonally adjusted 328,000 unit annual rate, their
lowest level in four months, but the reading still beat
analysts' expectations as the Commerce Department said sales in
prior months were higher than initially thought.     
    MARKETS NEWS	
    * U.S. equities gained, with the Dow industrials average
 and the Standard & Poor's 500 Index rising after
strong earnings and upbeat outlooks from big manufacturers. 	
    * Copper jumped more than 1 percent, reversing sharp losses
on Monday, as upbeat U.S. housing data bolstered risk appetite
and solid demand at European bond auctions eased concerns about
the euro zone's economic prospects. 	
    * Gold rose on the back of gains in equities and industrial
metals, but gains were limited ahead of a U.S. option expiration
and on uncertainty over a policy meeting of the U.S. Fed. 	
    UPCOMING DATA/EVENTS	
    * U.S. Energy Information Administration's weekly petroleum
inventory report, 10:30 a.m. EDT (1430 GMT), Wednesday.	
    * U.S. Fed releases statement on interest rate policy, 12:30
p.m. EDT (1630 GMT), Wednesday	
    * U.S. Fed releases economy and interest rate projections, 2
p.m EDT (1800 GMT), Wednesday	
    * Fed Chairman Ben Bernanke holds news conference in
Washington, 2:15 p.m. EDT (1815 GMT)	
    	
        SETTLE     NET    PCT     LOW    HIGH  CURRENT  DAY AGO
                  CHNG   CHNG                      VOL      VOL
 CLc1   103.55    0.44   0.4%  102.79  104.10  187,147  213,202
 CLc2   103.96    0.41   0.4%  103.23  104.48   39,150   38,127
 LCOc1  118.16   -0.55  -0.5%  117.85  118.94  166,308  203,505
 RBc1   3.1593 -0.0280  -0.9%  3.1400  3.1863   35,112   44,786
 RBc2   3.1241 -0.0235  -0.8%  3.1096  3.1476   56,423   76,007
 HOc1   3.1295 -0.0103  -0.3%  3.1184  3.1453   27,794   25,746
 HOc2   3.1346 -0.0083  -0.3%  3.1234  3.1486   49,475   50,747
                                                                                  
 TOTAL MARKET            VOLUME                 OPEN  INTEREST
              CURRENT    Apr 23   30D AVG     Apr 23  NET CHNG
 CRUDE        358,214   373,287   556,166  1,537,612    -9,979
 RBOB         142,990   197,278   178,612    358,213   -11,595
 HO           119,113   122,042   130,353    312,852     5,197
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